Home Ownership and Wealth Building

Official: listen man, just as homes appreciate they can depreciate, you can lose money too, ESPECIALLY if you don't know what you're doing. so that equity you built...gone. bottom line, i mortgage is a burden! why take on the stress, why live in one place for so long? why pay the interest, the maintenance fees?

rent! there are better things, more reliable things to put your money into. again, how you live is way more important than where you live...nobody cares if you own or rent. an example-- a hypothetical if you will.

scenario one: everyone owns their house, great. but that's it. they pay (to be fair 25% of their income on it) however, they're stuck... in a deteriorating home...under a stressful loan...in that city...in that school district...with those neighbours...with that obligation...with the maintenance costs...for 30-something years...basically, between a rock and a hard place.

scenario two: people rent, from the white man even. they pay 30% of their income on rent. yet they're free from the homeowners burdens. they have options. their quality of life is a bit better... and for that i say they're wealthy(er).

so, it all comes down to two things:

1. opportunity costs; like i said before, you have to ask yourself are the troubles and heartache that come with homeownership or rather buying a home... that you can't afford to buy upfront worth the benefits of renting that you give up?

2. political capital that amasses from putting your money in better-suited, more fruitful places. your child and their children will benefit more from a black bank, or, God forbid, real black communal wealth than they would with a house or piece of real estate.

Black: you'd be surprised what percentages of a person's income they pay on their mortgages. i

i didnít elect to become a lawyer for its prestige, i feel i'll have a bigger voice if i'm an esquire than i would otherwise

Please tell me you are kidding me... Your philosophy is so far off base its not even worth attempting to explain how wrong you are.. as others have done successfully.. I just cant believe you are serious!?!?

I have a question and since I am the most influential poster on this damn board, I want you people to pay attention to what I have to say.

How risky is it to start your own practice and what do you think about it in general? Would you guys ever do it? Thanks in advance for the copious suppy of thoughtful responses that will undoubtedly ensue.

I'm going to attend a meeting for solo practitioners fairly soon..so I'll get back to you on that... HBC and I will probably start our own practice after he finishes law school.. unless i kick it off before then...

I have a question and since I am the most influential poster on this damn board, I want you people to pay attention to what I have to say.

How risky is it to start your own practice and what do you think about it in general? Would you guys ever do it? Thanks in advance for the copious suppy of thoughtful responses that will undoubtedly ensue.

I have a question and since I am the most influential poster on this damn board, I want you people to pay attention to what I have to say.

How risky is it to start your own practice and what do you think about it in general? Would you guys ever do it? Thanks in advance for the copious suppy of thoughtful responses that will undoubtedly ensue.

That's my exact plan to start my own business, we as a people must strive to be independant and start making a way for ourselves...I may work in a firm for a few years to get experience but if I am going to slave away working I'm gonna do it for myself and to build a legacy.

Official: listen man, just as homes appreciate they can depreciate, you can lose money too, ESPECIALLY if you don't know what you're doing. so that equity you built...gone. bottom line, i mortgage is a burden! why take on the stress, why live in one place for so long? why pay the interest, the maintenance fees?

rent! there are better things, more reliable things to put your money into. again, how you live is way more important than where you live...nobody cares if you own or rent. an example-- a hypothetical if you will.

scenario one: everyone owns their house, great. but that's it. they pay (to be fair 25% of their income on it) however, they're stuck... in a deteriorating home...under a stressful loan...in that city...in that school district...with those neighbours...with that obligation...with the maintenance costs...for 30-something years...basically, between a rock and a hard place.

scenario two: people rent, from the white man even. they pay 30% of their income on rent. yet they're free from the homeowners burdens. they have options. their quality of life is a bit better... and for that i say they're wealthy(er).

so, it all comes down to two things:

1. opportunity costs; like i said before, you have to ask yourself are the troubles and heartache that come with homeownership or rather buying a home... that you can't afford to buy upfront worth the benefits of renting that you give up?

2. political capital that amasses from putting your money in better-suited, more fruitful places. your child and their children will benefit more from a black bank, or, God forbid, real black communal wealth than they would with a house or piece of real estate.

You are assuming that if a home depriciates, the lower sale will result in a total loss of equity (in this case, reasonably defined as money paid for the use of a place to live during the time that one lives there). This may be true in some cases. The only problem is that renters lose 100% of their equity (money paid for use of a place to live) in 100% of the cases.

No matter what, people have to pay for a place to live, and no matter what, renters will never get any of that money back. Homeowners may--and often do.

Furthermore, owning a home outright is extremly freeing. A home loan is paid off after 30 years in most cases, meaning that you will have more income available for other things as you get older. Renters never stop paying rent.

As such, there are basically two options:

(1) pay a slightly lower amount every month of every year until the day you die (sometimes 60+ years--and recognizing that rents do rise over time). or

(2) Pay a slightly higher, but generally consistent, amount every month for 30 years (slightly higher due to maintenence and property taxes), and then pay a reduced rate (ONLY maintenence and property taxes) from then on until the day you die.

Option 2 is cheaper in the long run AND provides (emotional) stability to those who live there--in addition to leaving a legacy for those who follow.

I believe that it is that legacy of stability that will improve people's lives. Where there is stability, real choices can be made. People can act, not react. I believe that that kind of stability will make all the difference in improving lives--eductationally, monetarily, politically.

Stability means you're in control of your own life, and that is the true beginning of freedom--black or otherwise.